Studio City to extend VIP rolling chip operations until Jan 2021

Integrated resort Studio City will extend its VIP rolling chip operations at its casino until January 15, 2021, Melco International Development Limited announced today.

The announcement comes after Studio City International Holdings Limited had indicated in January, 2019 that VIP rolling chip operations at the Studio City Casino would be terminated by Melco Resorts (Macau) Limited, a subsidiary of Melco Resorts, by January 15 2020.

Melco International holds a 54.3 per cent share in Studio City International, with the remaining held by New Cotai Holdings LLC, a company backed by investment funds Silver Point Capital LP and Oaktree Capital Group LP but has filed for bankruptcy in May of last year.

Melco Resorts CEO Lawrence Ho had expressed in October last year that the company was to start construction of Studio City Phase 2 before the end of the year, with a budget between US$1.35 billion to US$1.4 billion for an expansion that would include two hotel towers, a Cineplex, one of the world’s largest indoor water parks and additional gaming space.